If you don’t have a will, the state of Arkansas has one for you. Here is what happens to your properties under Arkansas intestacy laws.
Arkansas Intestate Succession for Assets Other Than Land
1. If you have a partner however no children, all of your assets pass to your spouse if you have been married for more than 3 years.
2. If you have a spouse but no kids, only one-half of your possessions pass to your partner if you have actually been married less than 3 years.
3. If you have a spouse and children, your partner will get just one-third of your assets. Your kids get two-thirds of your assets.
If you have a spouse and children, your spouse will just receive a life estate in one-third of your land. Life estate suggests that she owns her share of the land for her lifetime. She does not can state who gets the property at her death.
Is This the Estate Plan you Want?
And, while the state of Arkansas shows that it has customized these intestacy laws to match the desires of the majority of people, no client, in all of our years of practicing, has ever entered into our office and requested this estate plan. In other words, not one of our clients’ estate plans matches this one developed by the state.
Where to Get Help
If you wish to prevent Arkansas intestacy laws and create your own estate plan, seek advice from with a qualified estate planning attorney.